April 17, 2024
One on One Educational Services Limited (ONE)
Unaudited financials for the six months ended February 29, 2024:
One on One Educational Services Limited (ONE) for the six months ended February 29, 2024, reported a 27% decrease in Revenues totalling $111.37 million compared to $153.45 million in the corresponding period last year. Revenues for the second quarter had a 22% decrease to close at $56.73 million compared to $72.59 million for the comparable quarter of 2023.
Direct Cost amounted to $31.83 million (2023: $26.76 million), this represents an increase of 19% year over year. Consequently, gross profit decreased by 37% to $79.54 million compared to $126.68 million for the six months ended February 28, 2023. The company booked gross profit of $38.71 million for the second quarter versus $60.74 million reported for the similar quarter of 2023.
Other Income decreased by 84% to close at $907,872 (2023: $5.54 million), while Administrative Expenses increased by 7% from $92.37 million in 2023 to $98.99 million in the period under review. Also, selling expenses for the six months ended February 29, 2024, amounted to $13.46 million, a 24% decrease relative to $17.72 million reported in 2023.
Operating Loss for the six months ended February 29, 2024, amounted to $31.99 million, relative to operating profit of $22.13 million reported in 2023. Operating Loss for the second quarter amounted to $15.29 million (2023: Operating profit of $8.27 million).
Finance costs totalled $8.56 million a 259% increase from the corresponding period last year. (2023: $2.39 million).
Loss Before Taxation for the six months ended February 29, 2024, amounted to $40.56 million, relative to profit before taxation of $19.74 million reported in 2023. Loss Before Taxation for the second quarter amounted to $21.77 million (2023: Profit of $7.40 million).
Taxation for the six months ended February 29, 2024, had a 62% decrease to reach $890,671 (2023: $2.33 million). As such, Net Loss for the six months amounted to $41.45 million, relative to Net profit of $17.41 million reported in 2023. For the second quarter, Net Loss was $19.93 million (2023: Net profit of $6.18 million).
Consequently, Loss Per Share for the six months amounted to $0.02 (2023: EPS: $0.01), while Loss Per Share for the quarter totalled $0.01 (2023: EPS: $0.003). The twelve-month trailing LPS was $0.05, and the number of shares used in these calculations was 1,900,000,000.
Notably, ONE’s stock price closed the trading period on April 16, 2024, at a price of $0.89.
Balance Sheet Highlights
The company’s assets totalled $609.26 million (2023: $634.86 million). There was a 37% uptick in ‘Intangible assets’ to close at $310.94 million (2023: $227.55 million), while ‘Cash and Bank Balance’ declined by 65% to $64.90 million (2023: $185.30 million).
Shareholder’s equity was $362.63 million (2023: $459.25 million), representing a book value per share of $0.19 (2022: $0.24).
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